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Binance Coin Rebounds but Faces Rejection at $31 and $32 Resistance Levels

Date:

Nov 22, 2020 at 14:02 // News

BNB price is finding support above the SMAs

Binance Coin has been in a sideways move between $27 and $29 in November. Yesterday, the coin rebounded as it reached a high of $31.

The upward move is facing rejection at the recent high. Consequently, the price is falling as a result of the rejection from the recent high. On the downside, if the price breaks below the SMAs, the coin will fall back to the range-bound zone of $27 and $29. Nonetheless, if the coin retraces and finds support above $29, the coin will resume the upside momentum. On the upside, a rebound above $30 support will catapult the coin to reach a high of $33. Incidentally, the price will break the resistance at $31 and the overhead resistance at $32. The bullish scenario will be invalidated if the selling pressure continues.

Binance Coin indicator reading 

BNB price is finding support above the SMAs which indicates that the coin will resume upward move. BNB is above 73% of the daily stochastic. This implies that the coin is in a bullish momentum. Also, the crypto is at level 57 of the Relative Strength index period 14. It indicates that BNB is in the uptrend zone and above the centerline 50.

BNB+-+Coin+idol.png

Key Resistance Zones: $23, $24, $25

Key Support Zones: $15, $14, $13 

What is the next direction for BNB/USD?

Binance Coin has been trading in the bullish trend zone. The upward move is likely. On November 7 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This suggests that BNB is likely to rise to level 2.0 Fibonacci extensions. In other words, the market will reach a high of $33.98. 

BNB+-+Coin+idol+2+chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Source: https://coinidol.com/binance-coin-faces-rejection/

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